Regulatory Alerts2024-04-15
CL-2024-021: Cancellation of the Bangko Sentral ng Pilipinas (BSP) Registration of Nikko Mart (NIKKO)
The Bangko Sentral ng Pilipinas issued this circular to inform supervised financial institutions of the final cancellation of Nikko Mart's money service business registration. The Monetary Board approved the revocation due to serious violations of the Anti-Money Laundering Act and its implementing rules, following the denial of Nikko Mart's motion for reconsideration. This action terminates Nikko Mart's authorization to operate as a remittance and transfer company with money changing or foreign exchange dealing capabilities.
Page Classification: GENERAL OFFICE OF THE DEPUTY GOVERNOR I FINANCIAL SUPERVISION SECTOR CIRCULAR LETTER NO. CL-2024-___ To : All BSP-Supervised Financial Institutions (BSFIs) Subject : Cancellation of the Bangko Sentral ng Pilipinas (BSP) Registration of Nikko Mart (NIKKO) The Monetary Board (MB), in its Resolution No. 918.A dated 13 July 2023, approved the cancellation of the BSP money service business (MSB) registration of NIKKO to operate as a remittance and transfer company with money changing/foreign exchange dealing, pursuant to Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) for serious violations of Republic Act No. 9160 (The Anti-Money Laundering Act of 2001), as amended, and its Revised Implementing Rules and Regulations, Section 601-N of the MORNBFI, in relation to Part 9 of the MORNBFI Q-Regulations, Section 901-N of the MORNBFI, and the notarized Deed of Undertaking submitted to the BSP. Further, the MB, in its Resolution No. 52 dated 11 January 2024, denied with finality the motion for reconsideration of NIKKO on the cancellation of its registration. For information and guidance. CHUCHI G. FONACIER Deputy Governor 15__ April 2024